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The best of both worldsSuccessful investing isn't simply about buying stocks with the lowest P/E ratios, or those with the most spectacular growth rates. After all, treacherous value traps and growth traps lurk around every corner of the market.

Instead, the key to investing is putting your money on the most attractive risk/reward propositions the market has to offer. Buying growing companies at discounted prices is probably the best method for doing so. This approach earns you the double benefit of buying a stock that trades below its fair value today, and owning a business that's well-positioned to grow that value tomorrow.

We've got these stocks PEG-edSo with our hearts set on growth -- but our brains stubbornly fixated on getting a fair price for it -- here are seven more reasonably priced, fast-growing favorites of our Motley Fool CAPS community.

In addition to having five-year estimated growth rates above 20%, and PEG ratios less than 1, these stocks have received a four- or five-star rating from our pool of 24,000 individual and professional investors.

As always, don't take these stocks as well-formulated investment recommendations, but rather as candidates for further research. Regardless of which investment approach you take, due diligence is the thread that binds all superior returns.

To get you started, though, Eagle Materials appears to be an attractive market-beating bet.

Cheap materialsAt the moment, Mr. Market is huffing and puffing and blowing all housing stocks (and everything nearby) to bits. Eagle Materials, a Texas-based gypsum and cement producer, is no exception. Despite being expected to grow earnings at an annualized rate of 35% for the next five years, the stock trades for less than half of that growth rate.

Clearly, investors are wary about the housing market's short-term outlook. But has the market's shortsightedness presented long-term Fools with a bargain opportunity? Many in our CAPS community believe so.

Here's why: Eagle typically has less exposure to the vagaries of the housing market than your average building materials supplier. In the latest quarter, double-digit growth in Eagle's cement and concrete segments helped dampen the blow of a relatively weak gypsum and paperboard market. Although the residential housing market is having a rough go of it, national demand for cement -- especially in construction of roads and commercial buildings -- remains at record highs.

Because of their diversified product mix, low-cost strategy, and focus on the Sunbelt regions, Eagle has managed to generate more than $100 million in free cash flow for the last four years straight. That kind of exposure to cement led fellow Fool David Lee Smith to encourage us to take a hard look at this one.

In addition, these three CAPS members (among others) believe this Eagle has landed, and expect it to soar soon:

netherbrad: Everything related to housing right now is oversold. Buffet [sic] is buying up USG which also operates in the construction materials sector and has a higher forward P/E than Eagle. Eagle's PEG ratio is way low, and even a significant drop in housing prices is not going to kill demand for construction materials.

JFiorini: Despite taking on fresh debt (which mgmt. can use to further magnify ROE) Eagle is still in a solid financial position relative to its peers. The fundamentals reflect a strong business model and good mgmt., and the technicals are right. Add all this to the fact that it's trading at a 25% P/E discount relative to its peers, and it's clear that EXP is a buy.

F4Phanatic: Despite any slowdown in the new housing market, Eagle Materials will remain strong. Even with a drop if the housing bubble bursts, owners of existing homes will always want to remodel their current homes which will still provide Eagle Materials with a significant share of the market.

Get growin', FoolSo, does the sound of buying high-growth companies at decent prices make complete sense to you? More appropriately, how could it not? Join our Motley Fool CAPS community to get more analysis on the above ideas, create your own list of fairly priced growers, or even weigh in with a sharp opinion of your own.

Within moments, you'll have access to stock ideas that can provide the best of both value and growth investing worlds. Oh, and it's absolutely free. Now, that's what I call a reasonable price.

Foolish contributor Brian Pacampara thinks growth, like all things in life, tastes better when it's free. He owns no position in any of the companies mentioned. USG is a Motley Fool Inside Value pick. The Fool's disclosure policy always pays the full price for fairness.